Preferred payment methods for higher auction invoices

[x2drich2000]

Seems like with the rise in prices, the average invoice amount should also be increasing. So what payment method do you like to use for high dollar auction invoices over say $5k? Personal checks take forever and seem archaic in today's world. Paypal has the fees and usually limits. Zelle has worked great for me up to $2500, but again, has limits on the amount. Wire transfers have fees.

Which method do you prefer to use and why?

[sportscardpete]

Assuming you trust the auction house, I typically go with a wire. 1) fees are waived if you have a certain type of relationship with a bank, and 2) checks are archaic, and not worth waiting for it to get to the auction house.

If you are spending $20k on a card, $25-$50 for a wire seems worth saving a few days waiting for a check to clear.

[sb1]

Have always used a check, never a problem. I don't find it slow at all, often the items are in hand before the check even gets there.

[mrreality68]

Hi

IT obviously depends on the Auction House and what they accept.

For me most seems to be via check. Since most auction houses do not take credit cards. and the wait is the wait.
If I am anxious to get it I will Wire them the funds but I am not in a rush most of the time.
I would prefer to use the credit cards for the rewards points. However Heritage for example charges 3% of the total price of the purchase/Buyers Premium/tax and as a result it gets expensive and is more then the value of the points.

[sportscardpete]

Originally Posted by mrreality68

Hi

IT obviously depends on the Auction House and what they accept.

For me most seems to be via check. Since most auction houses do not take credit cards. and the wait is the wait.
If I am anxious to get it I will Wire them the funds but I am not in a rush most of the time.
I would prefer to use the credit cards for the rewards points. However Heritage for example charges 3% of the total price of the purchase/Buyers Premium/tax and as a result it gets expensive and is more then the value of the points.

You could also do what Jeff and I did and exchange cash and cards at a Burger King parking lot.

[CJinPA]

Originally Posted by x2drich2000

Seems like with the rise in prices, the average invoice amount should also be increasing. So what payment method do you like to use for high dollar auction invoices over say $5k? Personal checks take forever and seem archaic in today's world. Paypal has the fees and usually limits. Zelle has worked great for me up to $2500, but again, has limits on the amount. Wire transfers have fees.

Which method do you prefer to use and why?

This doesn't directly answer your question but is a solution for the very, very near future. Pay w/ cryptocurrency! I can send you $1,000, $5,000, $5,000,000, any amount, transaction free to your crypto wallet in a matter of 2-3 minutes.... every time!!

This should be, and I suspect will be, an option at the larger auction houses within a year, two tops! Almost instant settlement and no fees.

Last month I won a lot at an auction and just laughed when I was walking the envelop out to my mailbox to be sent across the country. It would be deposited into a bank 1000's of mile away and take another couple of days to settle and for someone to acknowledge payment was in their account and then go through the shiping process...... PayPal, Venmo, CC and the like eliminate that time but add unneeded fees.

Looking to the future, I am!

[mrreality68]

Originally Posted by sportscardpete

You could also do what Jeff and I did and exchange cash and cards at a Burger King parking lot.

That worked out well but I did not get my fries.

I always like personal sales where possible and I always like if possible to do in person meets to complete the transaction.

Always good to meet people and make connections.

Unfortunately not possible with Auction Houses (although some if close enough will allow you to pick up at there location)

[ValKehl]

Jeff, you might have gotten your fries if you and Pete had done your exchange at a McDonald's parking lot.

I prefer to pay my auction invoices online via my bank account, just like I pay my utility bills, credit card statements, etc.

[Jason]

Check are my preferred method. I'm in no rush to get the card in hand usually.

[Republicaninmass]

Originally Posted by CJinPA

This doesn't directly answer your question but is a solution for the very, very near future. Pay w/ cryptocurrency! I can send you $1,000, $5,000, $5,000,000, any amount, transaction free to your crypto wallet in a matter of 2-3 minutes.... every time!!

This should be, and I suspect will be, an option at the larger auction houses within a year, two tops! Almost instant settlement and no fees.

What is the fee for cashing it into regular currency? Still no fees?

Asking for a friend

[CJinPA]

Originally Posted by Republicaninmass

What is the fee for cashing it into regular currency? Still no fees?

Asking for a friend

If you're looking to move cryptocurrency (Bitcoin mostly) into fiat currency like USD, there is certainly a fee, called gas fees. It can run a few dollars ($5-$8) or more (up to $75 in congested network times).

The thing is, you rarely ever need to turn cryptocurrency into fiat money. There are a ton of resources on the internet to learn more. I just can't wait until it's more mainstream. I'll be liquidating some of my collection in the coming weeks and one of the methods of payment will certainly be crypto - I'll include my wallet address for those completed transactions for those who like pay doing so.

[ClementeFanOh]

Personal check- Trent King (and the auction house likes them too!)

[brianp-beme]

I remember when I first did some card mail orders I taped coins to my order sheet and placed them inside a SASE.

I wonder if taping in this fashion would work nowadays with larger currency, for example $100 bills? My guess for larger purchases you would have to use an extra first class stamp.

Brian

[BeanTown]

Originally Posted by sportscardpete

You could also do what Jeff and I did and exchange cash and cards at a Burger King parking lot.

Wait, I didn’t know Jeff did Burger King Parking lots. We did it the Scott way of using a check and cards through mail.

[Snowman]

I prefer to pay via Bitcoin, checks, wires, in that order.

[notfast]

Wire and check are the only real options over $5k IMO. Crypto as well but that’s not my arena.

Credit cards with rewards might not be a horrible idea either. Does kind of suck to have to wait for a check to clear. No clue if that’s normal process or because I’m not a big time buyer at AH’s

[mrreality68]

Originally Posted by BeanTown

Wait, I didn’t know Jeff did Burger King Parking lots. We did it the Scott way of using a check and cards through mail.

Sorry you live a little to far for me to drive.

Great transaction and interaction. Thanks

Pete and I should have met at McDonalds since they have better fries